No Reason to Panic Over Cliff, Sequestration — Yet

December 14, 2012

President Barack Obama and U.S. congressional leaders have yet to strike a deal to avoid fiscal chaos and deep military cuts, but there’s little reason to panic. Yet.

There was, for the first time, noticeable tension on Capitol Hill last week among congressional leaders and rank-and-file members. Criticism from lawmakers about the other political party’s demands were sharper, as were the stances of those doing the criticizing.

“There can’t be a grand deal between now and the end of the year ... when you can’t take the first clear step that the Republicans refuse to take,” Rep. Sander Levin, D-Mich., told reporters Thursday, referring to Democrats’ desire to raise revenue by upping top-tier tax rates.